The Brussels-based Society for Worldwide Interbank Financial Telecommunication (Swift) has announced that some previously sanctioned Iranian banks will be reconnected to its services.

Swift provides financial messaging services used for international money transfers.

The head of Iran Chamber of Commerce Mohsen Jalalpour told Iranian press that banks would be reconnected by the end of January.

Iran is reapplying to Swift, which should consider the application over the next two weeks, state-owned Press TV reports.

“Swift has informed the relevant stakeholders about the necessary measures that need to be put in place to make it possible for those banks that are delisted by the Implementing Regulation to reconnect to Swift,” Swift said in a statement. “Those banks that are delisted by the Implementing Regulation will now automatically be able to reconnect to Swift, following the completion of our normal connection process (i.e. administrative and systems checks, connectivity and technical arrangements).”

EU sanctions required Swift to disconnect all Iranian banks in 2012, effectively isolating them from global finance.

Reconnection is the first step in reintegrating Iran into the global economy. However, foreign banks will be very cautious on doing business with Iran due to remaining sanctions.

Certain Iranian banks allegedly connected to other sanctioned activities, such as the ballistic missile programme, remain listed and will not be reconnected.

These include Ansar Bank, Bank Saderat, and Mehr Bank, according to US Treasury guidance.